LIC New Bima Diamond Plan

LIC Bima Diamond Plan is a new Money back plan launched by our Hon’ble Finance Minister Shri Arun Jaitley on 1st September 2016 at Mumbai. Life Insurance Corporation of India has introduced this LIC Bhima Diamond Policy on the occasion of their diamond jubilee celebration. This close ended plan will be available for sale from 1st September 2016 to 31st August 2017. The Unique Identification Number of this LIC Bima Diamond Money Back Plan is UIN: 512N307V01. The insured should quote this UIN number in all relevant documents that are required to buy the policy. The LIC’s Bima Diamond plan offers both protection and savings.

LIC Beema Diamond Plan is a non-linked, with-profit, limited premium payment money back life insurance policy. This New Bima Diamond plan of LIC comes with the triple benefits of enhanced protection, money back, and auto cover features. The unique feature of this LIC New Plan 841 is extended risk cover after policy term. That means the corporation provides financial support for the insured family not only during the policy term but also behind the policy term in the extended cover period. Also, the life assured can avail a Death Benefit of ‘Sum Assured equal to 10 times’ of the Annualised Premium, which is payable as on date of death. Since LIC Bima Diamond Plan is a Money back plan, LIC of India provides money back at an interval of every 4th year and maturity at the end of the policy term.

The New Bima Diamond plan also provides loan facility that takes cares of your liquidity needs. Here you can calculate the Premiums, Maturity benefits, and Death benefits using LIC Bima Diamond Premium Calculator and LIC Plan chart.

LIC Bima Diamond Plan Eligibility Conditions

Before buying the LIC New Bima Diamond Plan, customers must know the eligibility levels and which conditions are applicable. Following are the Bima Diamond Plan LIC eligibility requirements.

S.no

Conditions

Details

1.

Minimum Entry Age for Life Assured

14 years (Completed).

2.

Maximum Entry Age for Life Assured

50 years (NBD) for policy term 16 years.

45 years (NBD) for policy term 20 years.

41 years (NBD) for policy term 24 years.

(Nearest Birthday = NBD)

3.

Policy Term (Premium Payment Term)

16(10), 20(12), 24(15).

4.

Premium Payment Mode

Yearly, Half-Yearly, Quarterly, Monthly.

5.

Basic Sum Assured

Minimum: Rs. 1,00,000/-.

Maximum: 5,00,000 (in multiples of 10,000).

6.

Maturity Age

66 years (nearest birthday) for policy term 16 years.

65 years (nearest birthday) for policy term 20 and 24 years.

7.

Premium Payment Mode Rebate

2% on yearly, 1% on Half Yearly, Nil on Quarterly & Monthly.

Benefits of LIC’s Bima Diamond Policy

Death Benefit for LIC New Money Back Plan 841

In case of death of the insured during the first 5 years of the policy, Sum assured amount is payable to the nominee as a death benefit.

If the demise of the policyholder occurs after the completion of 5 policy years but before the completion of policy term or before the maturity date then the sum assured along with the loyalty addition is payable to the beneficiary of the policy.

In case if the life assured dies during the extended cover period, the beneficiary of the policy will get an amount equal to 50% of the basic sum assured as a death benefit.

Survival Benefit

If the policyholder survives till the end of each specific time, during the policy term with the entire premium have paid, a fixed percentage of basic sum assured is paid out for various policy terms as follows.

For 16 years policy term: 15% of Basic Sum Assured at the end of each of 4th, 8th and 12th policy year.

For 20 years policy term: 15% of Basic Sum Assured at the end of each of 4th, 8th, 12th and 16th policy year.

For 24 years policy term: 12% of the basic sum assured at the end of 4th, 8th, 12th, 16th and 20th policy year.

Maturity Benefit

In case, if the policyholder survives till the end of the policy tenure with all due premiums have been paid, Basic Sum Assured plus Loyalty Addition, if any, will be payable as Maturity Benefit.

Where Sum Assured on Maturity is defined as

55% of Basic Sum Assured for 16 years policy term.

40% of Basic Sum Assured for policy terms 20 and 24 years.

Loyalty Addition

The LIC Bima Diamond plan provides profit in the form of loyalty addition if the life assured has duly paid all the premiums till the date of death or maturity. Loyalty addition for this LIC’s Beema Diamond Plan is either paid on the demise of the insured after completion of 5th policy year or on the maturity of the policy.

Rebates of LIC Beema Diamond Plan

The Basic rebates of LIC Beema Diamond Plan are

Mode Rebate.

High Basic Sum Assured Rebate.

These rebates are available on the premium if the life assured opts for the higher mode and take the high-risk cover policy. Go through the table for complete details about rebates of LIC Bhima Diamond Plan.

High Basic Sum Assured Rebate

Basic Sum Assured

Rebate per Rs. 1000/- BSA

Rs. 1,00,000/- to Rs. 1,80,000/-

NIL.

Rs. 2,00,000/- to Rs. 4,80,000/-

2.50% of BSA

Rs. 5,00,000/-

3.00% of BSA

Mode Rebate

Mode of Payment

% of Tabular Premium

Yearly Mode

2%

Half-yearly Mode

1%

Quarterly and Monthly

NIL

LIC New BIMA Diamond Plan Riders

The policyholder can avail the rider benefits during the policy term only by payment of additional premium. The Rider Sum Assured cannot exceed the Basic Sum Assured. There are two optional riders present for this LIC Bima Diamond Plan namely LIC Accidental Death & Disability Benefit Rider and LIC New Term Assurance Rider. The benefits under this optional rider will be available during the policy term only.

LIC Accidental Death and Disability Benefit Rider (UIN: 512B209V01)

Under this benefit, an additional amount equal to “Accidental Benefit sum Assured” will be payable on death due to the accident, provided that the rider is inforce at the time of the accident. If the insured opts this accidental permanent disability rider within 180 days from the date of the accident, an additional amount equal to “Accidental Benefit Sum Assured” will be payable in equal monthly installments over 10 years.

LIC New Term Assurance Rider (UIN: 512B210V01)

Under this optional benefit, an additional amount equal to “Term Assurance Rider sum Assured” will be payable on death to the nominee, provided that the rider is inforce at the time of the accident.

LIC Bima Diamond Plan Premium Calculator

You can calculate the premium rate of this plan using this Bima Diamond Premium Calculator. Following are the required details to calculate the premium. LIC Bima Diamond Calculator is used to calculate the premium amount for yearly, half-yearly, quarterly and monthly modes. This LIC Bima Diamond premium chart is used to estimate the benefits offered by the LIC New Plan 841.

Name.

E-Mail Id.

Mobile Number.

Age.

Policy Term.

Premium Paying term.

Sum Assured.

After entering all the details, one can calculate the premiums and benefits of this policy. For user convenience, we have provided an example in the tabular form below.

Example for LIC’s Bima Diamond Plan Premium Calculator

Term – 20; Age – 24 years; Sum Assured – 4,00,000.

Mode

Premium(Rs.)

Service Tax(Rs.)

Total(Rs.)

Yearly

28243

1059

29302

Half Yearly

14271

535

14806

Quarterly

7210

270

7480

Monthly

2403

90

2493

Note: The Actual Premium may vary according to underwriting rules applicable.

LIC Beema Diamond Maturity Calculator

The Maturity calculator of this LIC Bima Diamond Plan helps insured to calculate the maturity amount. The maturity amount is the amount that is payable to the insured during the maturity time. Maturity value is calculated based on previous year bonus rates. But you should enter the basic details such as Age, policy term, sum assured, etc. The LIC Bima Diamond Maturity Calculator also provides approximate returns associated with this money back plan.

LIC Bhima Diamond Plan Buying Procedure

One can buy the LIC Bima Diamond Plan in two ways either online or offline. For Online mode, you should refer the official website of LIC India. For offline mode, you should visit the nearest LIC Branch Office or Contact an LIC Agent of superior guidance. Following documents are required to buy LIC New Beema Diamond Policy.

Application form/ Proposal form.

Address proof.

Age proof.

Medical reports(if required).

For the proposal form of LIC Bima Diamond Plan, visit the nearest branch of LIC or approach any LIC Agent.

Claim Process of LIC Bima Diamond Money Back Plan

The policyholder can claim the New Bima Diamond Money Back plan offered by LIC India after the completion of the policy term. In the case of eventual death of the insured, the nominee can claim the policy instead of the Life assured. The documents required for claim procedure under LIC Bima Diamond Plan 841 are given below.

Original Policy Document.

NEFT form.

Cancel check or Bank Passbook xerox.

Discharge form.

Death certificate.

Proof of Accident/Disability (For rider circular).

Employer/ College/School certificate for proof.

Medical Treatment before the death.

Death Claims Illustration

For example, Mr. David does not survive the policy tenure, i.e., 24 years, then age wise and year wise death claims are mentioned below. If the death of David occurs in 2026, then by the time of death, the total premium paid will be Rs. 2,95,142 and his nominee will get Rs. 5,00,000 + Loyalty Addition (in case of normal death). Otherwise, Rs. 10,00,000 + Loyalty Addition as accidental death claim and policy will stop.

Year of Death

Age at Death

Total Paid Premium

Normal Death Claim

Accidental Death Claim

2017

25

30002

500000

1000000

2018

26

59462

500000

1000000

2019

27

88922

500000

1000000

2020

28

118382

500000

1000000

2021

29

147842

500000

1000000

2022

30

177302

500000 + LA

1000000 + LA

2023

31

206762

500000 + LA

1000000 + LA

2024

32

236222

500000 + LA

1000000 + LA

2025

33

265682

500000 + LA

1000000 + LA

2026

34

295142

500000 + LA

1000000 + LA

2027

35

324602

500000 + LA

1000000 + LA

2028

36

354062

500000 + LA

1000000 + LA

2029

37

383522

500000 + LA

1000000 + LA

2030

38

412982

500000 + LA

1000000 + LA

2031

39

442442

500000 + LA

1000000 + LA

2032

40

500000 + LA

1000000 + LA

2033

41

500000 + LA

1000000 + LA

2034

42

500000 + LA

1000000 + LA

2035

43

500000 + LA

1000000 + LA

2036

44

500000 + LA

1000000 + LA

2037

45

500000 + LA

1000000 + LA

2038

46

500000 + LA

1000000 + LA

2039

47

500000 + LA

1000000 + LA

2040

48

500000 + LA

1000000 + LA

2041

49

500000 + LA

1000000 + LA

Additional Information about Bima Diamond Plan LIC

Surrender Value: The policyholder can surrender the LIC Bima diamond plan anytime. The surrender value of this Bima Diamond plan LIC is always less than the paid-up value as you get it immediately. But, the insured should not forget that any policy does not give the surrender value if the premium amount for at least 3 consecutive years has not paid.

Paid-up Value: If the life assured doesn’t renew the policy for up to 2 years of non-payment, the LIC India will never provide them full basic sum assured and future bonus. Comparatively, they will get only the paid up value of the policy on maturity. The basic sum assured for the death cover is also reduced to the paid up value.

Loan Facility: Loan can be availed during the policy tenure provided the policy has acquired a surrender value. The interest rate to be charged for policy loan shall be determined at periodic intervals. Therefore the maximum loan amount is as shown below.

For inforce policies – up to 90% of surrender value.

For paid-up policies – up to 80% of surrender value.

Grace Period: The Grace period of 15 days is available for this LIC Bima Diamond Plan under monthly premium payment mode. Whereas for the other payment modes such as yearly, half-yearly, and quarterly, the grace period is 30 days.

Free Look Period: If the policyholder is not satisfied with the terms and conditions of the policy, he/ she will be provided with a free look period of 15 days. That means they can return the policy to the corporation within 15 days from the date of receipt of the policy bond stating the reasons for objections. On receipt of the same, the Corporation will cancel the policy and return the amount of premium deposited.

Exclusions: This LIC Beema Diamond policy shall be void
a) If the insured commits suicide at any time within 1 year from the date of commencement of risk and the Corporation will not entertain any claim except for 80% of the premiums paid, provided the policy is inforce.
b) If the policyholder commits suicide within 1 year from the date of revival, an amount which is higher of 80% of the premiums paid till the date of death or the surrender value, will be payable. The Corporation shall not entertain any other claim. This clause shall not be applicable for a policy lapsed without acquiring paid-up value and nothing shall be payable under such policy.